Nigerian-based startup, PricePally has been selected among 10 startups to receive a seed funding of $150,000 from the United States-based venture capital firm SOSV.
As part of its cross-border programme, SOSV will provide multi-stage investment to develop and scale the big ideas of PricePally, among other startups, for positive change.
Annually, SOSV invests in 150 companies through category-leading startup development programmes.
The startups chosen for this cohort aim to tackle issues ranging from food security for Africa to offering lending solutions for the unbanked.
Ultimately, the startups seek to provide services including the creation of virtual influencers, building crypto-asset infrastructure for banks, and developing speech recognition that “far exceeds” Google’s capabilities.
“The ubiquity of smartphones, social commerce, and consumers hungry for new experiences make Asia and Africa both fertile grounds for breakthrough internet companies,” said William Bao Bean, general partner at SOSV.
PricePally, a group-buying platform for agricultural products, is on a mission to provide access to the best quality farm-fresh food items affordable for families and businesses living in African cities with the utmost efficiency, starting with Lagos.
Leveraging Data, Technology, and Partnerships, the startup affirms to have successfully built a system that enables its customers to get the best value for their money at no extra cost and from the convenience of their homes and workplaces.
Asides the $150,000 seed funding, each startup would benefit from a six-month programme with a specialised salesforce, tech support for growth, and a close-knit cross-border fraternity.
With $1.1 billion in AUM as of October 2021, SOSV has backed eight African startups so far and plans to invest in 10 more companies on the continent while also building an ecosystem of corporate partners.
“Africa shares a lot of similarities with Asia’s mobile-first markets such as India, Southeast Asia and China, where I have been investing for two decades. The availability of low-cost smartphones, easy access to the internet, and ubiquitous digital payment make these ecosystems fertile grounds for breakthrough internet companies. We’re excited to bring our cross-border network from Asia to Africa and to help founders here succeed, no matter where they are in the world,” Bean said.